how do you spend $1.4 billion in 20 years ?

[jeff of pa]

The Associated Press is reporting that the parent company of Columbia House, the organization behind the famous music and DVD clubs of yore, has filed for Chapter 11 bankruptcy protection. The move comes after nearly 20 years of declining sales, according to the AP. Filmed Entertainment (Columbia House's parent company) told the wire service that revenue hit a high of $1.4 billion in 1996. In 2014, that figure fell to $17 million (or roughly one percent of its peak, the AP notes). While Chapter 11 protection doesn't necessarily mean Filmed Entertainment intends to go out of business, it's not looking good. Companies like RadioShack and Kodak have done this in recent years to obtain a certain period of time within which to rebuild itself and shield itself from creditors. Kodak at least emerged from its situation.

No more endless CDs for pennies: Columbia House files for bankruptcy | Ars Technica

 

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[Nitric]

Ya, I'm mixed on this stuff, but I don't know how a company can or is able to file bankruptcy. You suck with money,you ran it in the ground from poor decisions or changing times? They over spent or owe too much? close the doors and let someone else give it a try! I know there is a lot more to it.

That's just insane to think about, You know what I think I could do with $1.4 billion? I could make a lot of positive changes! Or at least try! lol Ohhhh, And have a cool sports car while dong it! I'd have to get something out of the deal! Well and maybe a few "maids" or "secretaries" ! JKG

 

[VERDE]

Hey jeff!! Yea, I think I could struggle along for a year or two on 1.4 Billion!! Probably would be difficult and would have to trim down on extravagant items, but don't think I would have to declare bankrupty!! He He!! Hope you're well!! Anyway, GOOD LUCK and GOOD HUNTING!! VERDE!!

 

[Chadeaux]

I know there is a lot more to it.

Yeah, there is a LOT MORE to it. It is (no, not political speak but legal speak) about the redistribution of wealth. No, not robbing the rich and feeding the poor as most are talking about.

It is about transferring wealth from the working class to the lawyers and judges. I know because I do much of my employer's work inside of a Federal Court House dealing with customers who have filed bankruptcy ... and their attorneys. Ever shake a lawyer's hand? Not enough soap to remove that disgusting slimy feeling.

Many times, the clients are in worse shape after bankruptcy than they were before ... but the lawyer ALWAYS gets paid every penny.

Small businesses are often forced into bankruptcy by the abuse of the bankruptcy laws by their customers and the customers' lawyers. Mostly the lawyers.

You and I would worry about killing the goose that laid the golden eggs, they just see it as their next meal. They are bent on destroying society ... and now you know why most politicians are also lawyers.

Yep, much more to it, but my post will likely be deleted as political if I go any farther.

 

[BigWaveDave]

I remember the TV Guide had the Columbia House ads...13 records or tapes (your choice) for a penny!!!!
How else do you think I still have Journey tapes?

 

[Limitool]

Yea, yea.... yea... after I made my first 2.5 billion it didn't last long. I bought some cars, a lot of beer, a 4-door Chevy Cobalt, some more beer and some hot dogs and hamburger. Also bought 12 acres high on a ridge top, some more beer and installed a state-of-the-art security system. The dogs are on guard from 6:00 am to 7:00 pm. I'm now down to about a grand left.... but we lived well for a couple of years.

 

[austin]

I would hate to have $ 1.4 billion to spend. At the age of 67, I'd be dead before morning.

 

[Peyton Manning]

ahhh the memories! how well I recall my first billion!
however, a billion doesn't go as far as it used to